26 U.S.C. § 526 — Shipowners’ protection and indemnity associations
submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 59 words · no verdicts yet
There must not be included in gross income the receipts of shipowners’ mutual protection and indemnity associations not organized for profit, and no part of the net earnings of which inures to the benefit of any private shareholder; but... This section also includes the other rules, limits, and exceptions stated in its text.
There must not be included in gross income the receipts of shipowners’ mutual protection and indemnity associations not organized for profit, and no part of the net earnings of which inures to the benefit of any private shareholder*; but that corporations must be subject as other persons to the tax on their taxable income from interest, dividends, and rents.
There shall not be included in gross income the receipts of shipowners’ mutual protection and indemnity associations not organized for profit, and no part of the net earnings of which inures to the benefit of any private shareholder*; but such corporations shall be subject as other persons to the tax on their taxable income from interest, dividends, and rents.
Source credit: (Aug. 16, 1954, ch. 736, 68A Stat. 178.)
- 1954Enacted · Act of Aug. 16, 1954, ch. 736
A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.
all 0 arguments · sorted by: best
no arguments yet — make the first case